Financial Statement Analysis1/25/2015 1 Peter SecordSaint Marys
University 2012 Peter Secord Phn tch bo co ti chnh Ging vin: TS.
Dng Th Hng Vn E-mail:[email protected] M t mn hc Mn hc
ny gii thiu cho sinh vin l thuyt v thc tin p dng k ton ti chnh
trong u t v qun tr ti chnh doanh nghip. Sau khi kt thc hc phn, sinh
vin s c kh nng thu thp v phn tch s liu k ton ti chnh, xy dng cc bo
co ti chnh theo cc ch k ton khc nhau, nh gi tc ng ca cc quy nh php
l ti bo co ti chnh. Sinh vin s c kh nng s dng cc h s ti chnh phn
tch tc ng lu kho, thu, n, ti sn di hn, v cng n ngoi bng ti hot ng
qun tr ti chnh doanh nghip. Bn cnh sinh vin c th nghin cu cc k thut
phn tch bo co ti chnh v ng dng vo cc lnh vc kinh t.
2 Ti liu tham kho CFA Study Notes, Kaplan SchweserFurther
reading CFA Program Curriculum, CFA Institute IFRS Workbook and
Guide B Ti Chnh (2011), Lut k ton, H thng chun mc k ton Vit Nam v
cc vn bn mi hng dn thi hnh, Nh xut bn lao ng http://Webketoan 3
Financial Statement Analysis1/25/2015 2 Ni dung mn hc Chng 1: Gii
thiu chung v Phn tch BCTC Chng 2: Bng cn i ti sn Chng 3: Bo co kt
qu kinh doanh Chng 4: Bo co lu chuyn tin t Chng 5: Cc k thut phn
tch ti chnh v ng dng 4 nh gi Hnh thcT trng im chuyn cnnh gi s tham
gia ca sinh vin trn lp 10% Kim tra gia kKim tra/Bi tp ln/ Thuyt
trnh 30% Thi ht mnTrc nghim v t lun trn giy 60% 5 Peter SecordSaint
Marys University 2012 Peter Secord Chng 1: Gii thiu chung v Phn tch
bo co ti chnhFinancial Statement Analysis1/25/2015 3 Ni dung Cc bo
co ti chnh C ch lp bo co ti chnh Tiu chun bo co ti chnh Vai tr, qui
trnh phn tch bo co ti chnh 7 Cc bo co ti chnh8 Bo co ti chnh 9 Thng
tin k ton Cc bo co ti chnh (BCTC) - Bng cn i ti sn - Bo co thu nhp
- Bo co dng tin - Thuyt minh BCTC -.. Ngi s dng BCTC - Gim c - C
quan qun l - T chc tn dng - Nh u t Kim ton bo co ti chnh Tiu chun k
ton Financial Statement Analysis1/25/2015 4 Bo co ti chnh Mc ch ca
cc bo co ti chnh l nhm cung cp thng tin cn thit v tnh hnh ti chnh,
kt qu hot ng v nhng thay i v tnh trng ti chnh ca doanh nghip gip cc
i tng s dng BCTC ra quyt nh kinh t.10 Bn hay Ma trn 11 Cc bo co ti
chnh ca doanh nghip c th nh l mt tm bn nhng cng c th l mt ma trn Bo
co ti chnh nh l bn L c s gip nm bt v tnh hnh ti chnh ca mt doanh
nghip Cho php ngi s dng nh gi hiu qu hot ng trong qu kh v trong tng
lai Cung cp thng tin r rng v sc khe ti chnh, t i n cc quyt nh kinh
doanh hiu qu 12 Financial Statement Analysis1/25/2015 5 Bo co ti
chnh nh l ma trn Cung cp qu nhiu thng tin Kim ton khng ng tin cy
Chnh sch k ton v yu cu bo co thng xuyn thay i v phc tp Considerable
discretion given to management, influencing content and
presentation Key information hidden or omitted 13 Thnh phn bo co ti
chnh Thnh phn BCTC Bng cn i ti sn Ti sn v ngun vn Bo co thu nhp Thu
nhp v chi ph Bo co dng tin Dng tin vo, dng tin ra pht sinh t hot ng
kinh doanh, hot ng u t v hot ng ti tr Bo co thay i vn CSH Tt c nhng
thay i v vn CSH Thuyt minh Thuyt minh quan trng v chnh sch k ton v
gii thch cc bo co 14 Cc bo co ti chnh Bng cn i ti sn (Balance
Sheet):Cho bit tnh trng ti chnh ca cng ty vo mt thi im. Lit k cc
nhm v s lng ti sn (thuc s hu hoc kim sot bi cng ty), ngun vn n vay
v vn ch s hu (vn gp ca ch s hu v ngun vn t li nhun li) v mi quan h
gia chng ti mt thi im. ng thc c bn: Tng ti sn = Vn n + Vn ch s hu
15 Financial Statement Analysis1/25/2015 6 Cc bo co ti chnh Bo co
kt qu kinh doanh (Income Statement):Cho bit kt qu hot ng sn xut
kinh doanh ca cng ty. Tm tt doanh thu, chi ph pht sinh v li nhun v
thua l ca cng ty trong mt thi k. Gii thch mt phn thay i ca ti sn,
vn n, vn ch s hu ca cng ty trong k bo co. ng thc c bn: Doanh thu
Chi ph = Li nhun rng 16 Cc bo co ti chnh Bo co lu chuyn tin t (Cash
Flows Statement): Cho bit nh hng ca cc hot ng ti dng tin ca cng ty
trong mt thi k. Lit k tin mt thu c v thanh ton trong k bo co, phn
loi theo hot ng kinh doanh, hot ng u t v hot ng ti chnh. Ngoi ra,
cn cho bit thng tin b tr vhot ng u t v hot ng ti chnh phi tin mt.
Gip nh phn tch nh gi kh nng thanh ton, nng lc tr n v mc linh hot v
ti chnh ca cng ty. 17 Cc thng tin b tr Bo co thay i vn ch s hu
(Statement of Stockholders Equity): cho bit tng gim vn ch s hu
trong k. Thuyt minh bo co ti chnh (Financial Statement Footnotes):
c kim ton Cho bit thng tin v phng php k ton, cc gi nh v d tnh ca nh
qun l khi xy dng d liu trong BCTC. Ph lc (Supplementary Schedule):
Cho bit thm thng tin v ti sn v n vay ca cng ty. 18 Financial
Statement Analysis1/25/2015 7 Cc thng tin b tr Din gii v phn tch ca
nh qun l (Management Discussion and Analysis): Khng cn kim ton Ni
dung: (a) Kt qu hot ng kinh doanh, bao gm xu hng doanh thu v chi
ph. (b) Ngun vn v thanh khon, bao gm xu hng dng tin. (c) nh gi trin
vng trn c s phn tch xu hng. 19 Kim ton bo co ti chnh 20 Cc cng ty
nim yt bt buc phi thu kim ton c lp cc BCTC. kin ca kim ton vin m bo
cc BCTC phn nh ng v tnh trng ti chnh ca cng ty. Bn cnh , kim ton
cho php xc nh hiu qu ca cng tc kim sot ni b ca cng ty. Vai tr ca
kim ton vin 21 m bo cc BCTC ph hp vi chun mc k ton. Kim tra v h
thng k ton v kim sot ni b ca cng ty v xc nhn cc ti sn v cng n. a ra
kin v tnh chnh xc v tin cy ca cc BCTC. Xc nhn khng c sai st v s liu
trong bo co ti chnh. Financial Statement Analysis1/25/2015 8 Cc
ngun thng tin khc 22 Bo co gia k (Interim report) Thc hin hng qu,
hoc 6 thng Khng cn kim ton, cung cp thng tin v kt qu hot ng v tnh
hnh ti chnh k t k bo co gn nht. Bo co b nhim (Proxy statement): c
pht hnh phc v cho i hi c ng, bao gm thng tin v ch lng bng ca hi ng
qun tr v ban iu hnh, quyn mua c phn v cc c ng chnh v cng b thng tin
lin quan n xung t li ch gia ban iu hnh, hi ng qun tr v c ng. Trang
web ca cng ty, cc n phm. Cc ngun thng tin bn ngoi v nn kinh t,
ngnh, cng ty v cc i th cnh tranh. C ch lp bo co ti chnh 23 Cc nhm
hot ng trong BCTC Hot ng kinh doanh(Operating Activities):cc hot ng
chnh trong chc nng hot ng hng ngy ca cng ty.V d: cung cp cc sut n
ti nh hng, cung cp dch v ti cng ty t vn, nhn tin gi v cho vay ti
ngn hng Hot ng u t (InvestingActivities):cc hot ng lin quan n vic
mua sm v thanh l cc ti sn di hn. V d: mua hoc bn cc thit b ca mt nh
hng, mua hoc bn ta nh vn phng, ca hng bn l, nh my... Hot ng ti
chnh(FinancingActivities):cc hot ng lin quan n huy ng hoc hon tr vn
t cc nh u t hoc t chc tn dng. V d: pht hnh c phiu, vay ngn hng, pht
hnh tri phiu 24 Financial Statement Analysis1/25/2015 9 Cc thnh phn
v ti khon trong BCTC 25 Cc giao dch trong cng ty thuc 5 thnh phn ca
BCTC: ti sn, n, vn ch s hu, doanh thu v chi ph. Ti khon: Cu thnh nn
cc thnh phn ca BCTC. Ghi nhn cc khon lm tng v gim ca ti sn, n, vn
ch s hu, doanh thu hoc chi ph. ng thc k ton c bn v m rng 26 ng thc
bng cn i ti sn c bn: Ti sn = Ngun vn = N + Vn ch s hu Vn ch s hu =
Vn gp + Li nhun li ng thc bo co thu nhp c bn: Li nhun = Doanh thu
Chi ph Vn ch s hu = Vn gp + Li nhun li ng thc k ton m rng: Ti sn =
N + Vn gp + Li nhun li u k + Doanh thu Chi ph - C tc Li nhun li cui
k = Li nhun li u k + Li nhun rng - Li nhun phn phi cho c ng 27
Assets=Liabilities+Owners Equity Bng cn i ti sn ACME CORPORATION
December 31 2011 2012 ChangeAssets:Cash $9,000,000 $10,000,000
1,000,000Accounts receivable 700,000 1,000,000 300,000Inventory
17,300,000 10,000,000 -7,300,000Marketable Securities 9,000,000
8,000,000 -1,000,000Prepaid Expenses 1,000,000 1,000,000 0 Total
current assets 37,000,000 30,000,000 -7,000,000Fixed Assets, Gross
14,000,000 28,000,000 14,000,000less Accumulated Depr. (6,000,000)
(8,000,000) -2,000,000 Fixed Assets, Net 8,000,000 20,000,000
12,000,000Total assets $45,000,000 $50,000,000 5,000,0002011 2012
ChangeLiabilities & Equity:Accounts Payable $7,000,000
$4,000,000 -3,000,000Notes payable 4,000,000 3,000,000
-1,000,000Accrued Expenses 3,000,000 2,000,000 -1,000,000Total
current liabilities 14,000,000 9,000,000 -5,000,000 Long-term debt
10,784,000 15,000,000 4,216,000Total liabilities 24,784,000
24,000,000 -784,000Preferred Stock 2,000,000 1,000,000
-1,000,000Common stock 1,000,000 3,000,000 2,000,000Capital in
Excess of Par 10,000,000 12,000,000 2,000,000Retained earnings
7,216,000 10,000,000 2,784,000Total common equity 18,216,000
25,000,000 6,784,000Total equity 20,216,000 26,000,000
5,784,000Total liabilities & equity $45,000,000 $50,000,000
5,000,000Financial Statement Analysis1/25/2015 10 28 Bo co thu nhp
ACME CORPORATION Net Sales $15,000,000Cost of goods sold
5,000,000Gross profit 10,000,000Depreciation Expense
2,000,000S&A Expenses 800,000Operating Income (EBIT)
7,200,000Interest expense 1,710,000Income before taxes
5,490,000Income taxes (40%) 2,306,000Net income $3,184,000Earnings
per Share (4,000,000 shares) $0.80Common Dividends paid
$400,000Increase in Retained Earnings $2,784,000ACME CORPORATION
INCOME STATEMENTFor the Year Ended December 31, 2012Ghi chp giao
dch kinh doanh bng h thng k ton 29 Cc giao dch kinh doanh c ghi chp
bng h thng k ton da trn ng thc k ton c bn v m rng. H thng k ton
theo di v tm tt s liu s dng trong vic xy dng BCTC.Dng thng tin
trong h thng k ton 30 STTTi liu 1Bt ton nht k (Journal entries) v
bt ton iu chnh Bt ton nht k: ti liughichpcc giao dchkinhdoanh
theoth t thi gian. Bt ton iu chnh:bt ton nht k lp vo cuik k ton
ghichpcc khonmc cha c phn nh trong h thngk ton (v d: cc khondntch)
2S ci tnghp (Generalledger) v ti khonchT S ci: ti liughi chpcc
giaodchtheoti khon. S ci tnghp: bao gmtngtt c cc bt ton ging nhauTi
khonch T: m t ti hons ci, s dng mt hoc phn tch cc giao dchk ton.
3Bng cn i th (Trial balance) Ti liuchobit s d ti khonti mtthi im.
Khc vi s ci, bng cn i th chcho bit s d cui cng 4BCTC (Financial
statement) Thit lp da trn tngs d ti khontrn bng cn i th iu
chnh(adjustedtrial balance) Financial Statement Analysis1/25/2015
11 Yu cu dn tch v cc iu chnh khc khi lp BCTC Dn tch (Accruals): Cn
thit phn b hot ng giao dch ng vi k bo co ti chnh. Xut hin do s khc
bit v thi gian dch chuyn tin mt v thi gian k ton ghi nhn doanh thu
v chi ph. 31 iu chnh dn tch 32 Nhn/thanh ton tin trc ghi nhn k ton
Nhn/thanh ton tin sau ghi nhn k ton Doanh thuDoanh thu nhn trc
(unearned revenue) Bt ton ban u: Ghi tng tin v n (doanh thu nhn
trc) Bt ton iu chnh: Gim n khi ghi nhn doanh thu Doanh thu phi thu
(unbilled revenue)Bt ton ban u: Ghi nhn doanh thu v ghi tng ti sn
(doanh thu phi thu) Bt ton iu chnh: Khi c ha n thanh ton, gim doanh
thu phi thu v tng khon phi thu. Khi thu c tin, gim khon phi thu v
tng tin Chi phChi ph tr trc (prepaid expense) Bt ton ban u: Ghi gim
tin v tng ti sn (chi ph tr trc) Bt ton iu chnh: Gim ti sn khi ghi
nhn chi ph Chi ph tr sau (accrued expense) Bt ton ban u: Ghi nhn
chi ph v tng n (chi ph tr sau) Bt ton iu chnh: Khi thanh ton tin,
ghi gim n v gim tin mt Cc iu chnh khc iu chnh nh gi:Thc hin i vi ti
sn (assets) v n (liabilities) ca cng ty sao cho s liu k ton phn nh
gi tr th trng hin hnh, thay v phn nh chi ph ban u (historical
cost). 33 Financial Statement Analysis1/25/2015 12 Hp nht bo co ti
chnh Khi cng ty m s hu hn 50% c phiu biu quyt ti cng ty con, cn phi
kt hp bo co ti chnh d cc cng ty l cc php nhn c lp. Bo co ti chnh c
hp nht do, khi cng ty m c quyn kim sot cng ty con, v bn cht cc cng
ty ny l mt. 34 S liu so snh Bo co thng nin cng b bo co ti chnh ti
thiu 2 nm lin tc. S liu so snh l c s nh gi s thay i v tnh hnh ti
chnh qua thi gian. 35 Tiu chun bo co ti chnh 36 Financial Statement
Analysis1/25/2015 13 Tm quan trng ca tiu chun BCTC 37 Mc tiu ca
BCTC l cung cp thng tin v tnh trng ti chnh, kt qu hot ng v thay i
tnh trng ti chnh ca cng ty. Thng tin ny hu ch trong vic ra quyt nh
kinh t ca nhiu i tng khc nhau. Vic lp BCTC yu cu la chn chnh sch v
d tnh- yu cu phi c s din gii ca ngi lp. Cn thit phi c cc tiu chun
bo co nhm m bo s nht qun trong cc din gii v chnh sch v d tnh ca ngi
lp BCTC. Cc tiu chun bo co ti chnh VietnamUnited States
International C quan ban hnh B Ti chnh (MOF) Financial Accounting
Standard Board (FASB) International Accounting Standard Board
(IASB) Tn tiu chunH thng chun mc k ton Vit Nam(VAS) Generally
Accepted Accounting Principles (US GAAP) International Accounting
Standard/ International Financial Reporting Standards (IAS/IFRS) 38
C quan ban hnh v thc thi tiu chun BCTC 39 C quan ban hnh tiu chun c
vai tr xy dng quy tc k ton. IASB (International Accounting Standard
Board): c quan ban hnh tiu chun BCTC v k ton quc t ph hp vi nhiu
quc gia. FASB (Financial Accounting Standard Board): xy dng tiu
chun k ton ti M. C quan qun l c vai tr thc y vic p dng cc tiu chun
k ton, c quyn lc php l trong vic xy dng cc BCTC trong phm vi thm
quyn ca mnh. IOSCO (International Organization of Securities
Commission): thit lp tiu chun cng b thng tin v bo co k ton a quc
gia. SEC (US Securities Exchange Commission): ban hnh cc quy tc k
ton iu chnh hot ng pht hnh v giao dch trn th trng vn M. Financial
Statement Analysis1/25/2015 14 Tiu chun bo co ti chnh quc t (IFRS)
40 Mc tiu ca thng tin trong BCTC: D hiu Ph hp Tin cy D so snh Yu cu
ca BCTC: Trnh by hp l (fair presentation) Gi nh cng ty tip tc hot
ng (going concern assumption) Nguyn tc dn tch Phn tch ti chnh trong
iu kin tiu chun BCTC khc nhau 41 Xu hng ng nht cc tiu chun k ton
trn th gii, tuy nhin vn tn ti s khc bit. Khi p dng nhiu tiu chun k
ton, cc cng ty thng nu r nhng im khc bit. Vic xy dng mt h thng tiu
chun k ton thng nht v hiu qu lun gp phi nhng ro cn nht nh. Nh phn
tch phi thng xuyn theo di s thay i v tiu chun bo co v thng tin v
chnh sch k ton ca cng ty. Phn tch bo co ti chnh Mc ch ca phn tch bo
co ti chnh l nhm s dng thng tin trn bo co ti chnh ca doanh nghip,
cng vi cc thng tin lin quan khc, ra cc quyt nh kinh t. 42 Financial
Statement Analysis1/25/2015 15 Cc bc phn tch BCTC (i) Xc nh yu cu v
bi cnh phn tch (ii) Thu thp s liu (iii) X l s liu (iv) Phn tch/ din
gii kt qu x l s liu (v) a ra kt lun v kin ngh (vi) Theo di 43
